Market Research Future Insights
According to MRFR analysis, the aircraft aftermarket parts market is expected to register a CAGR of 7.63% from 2023 to 2032 and hold a value of over USD 46.71 billion by 2030.
The aircraft aftermarket parts market refers to the sale and distribution of replacement and repair parts for aircraft after the original equipment manufacturer no longer supplies them. These parts can include components such as engines, avionics, landing gear, and other parts necessary for the operation and maintenance of an aircraft.
The aftermarket parts market size serves as a secondary market to the OEM, allowing aircraft operators and maintenance providers to procure parts at a lower cost than purchasing directly from the OEM. These parts are typically manufactured by third-party suppliers who may specialize in producing parts for specific aircraft models.
The COVID-19 pandemic has had a significant impact on the aircraft aftermarket parts market. Due to the reduction in air travel and the subsequent decline in demand for new aircraft, many airlines and aircraft maintenance providers have scaled back their operations. This has led to a reduced demand for aftermarket parts, as there are fewer aircraft in operation and therefore fewer parts that need to be replaced.
Key Players
Some of the key market players are:
- AAR (US)
- Walter Aviation Limited (UK)
- Eaton (Ireland)
- Parker Hannifin Corporation (US)
- Aviall (US)
- Kellstrom Aerospace (US)
- General Electric (US)
- Honeywell International Inc. (US)
- Meggitt PLC (England)
- Collins Aerospace (US)
Regional Analysis
The largest region of the aircraft aftermarket parts market is North America, which includes the United States and Canada. This region has a significant share of the global aircraft fleet and is home to many of the world's largest airlines, aircraft manufacturers, and maintenance providers. North America is also a major hub for the aerospace industry, with several large aerospace clusters located in the United States.
The demand for aircraft aftermarket parts market research in North America is driven by a large and aging aircraft fleet, which requires a significant amount of maintenance and replacement parts. In addition, many airlines and maintenance providers in North America are focused on reducing costs and increasing efficiency, which has led to an increased demand for aftermarket parts as a more cost-effective alternative to OEM parts.
Market Segmentation
The aircraft aftermarket parts market has been segmented into parts and application.
Based on the parts, the market has been segmented into MRO parts, rotatable scrap replacement parts and consumable.
Based on the application, the market has been segmented into commercial and military.
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